Oil slides 1% on fears over higher OPEC supply, slower China demand

The chimneys of the Total Grandpuits oil refinery, southeast of Paris, France. (Reuters)
Updated 02 March 2021

Oil slides 1% on fears over higher OPEC supply, slower China demand

Oil prices slid more than 1 percent on Tuesday as expectations that OPEC would agree to raise oil supply in a meeting this week weighed on sentiment, already hit by concerns over slowing Chinese demand.
Brent crude dropped 80 cents, or 1.3 percent, to $62.89 a barrel in early London trading, after losing 1.1 percent the previous day. US West Texas Intermediate (WTI) crude fell 69 cents, or 1.1 percent, to $59.95 a barrel, having lost 1.4 percent on Monday.
They both touched the lowest in more than 6 days, extending losses that started late last week.
Expectations that the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, would boost oil output from April are pushing prices lower, said Satoru Yoshida, a commodity analyst with Rakuten Securities.
“Concerns over an increase in OPEC+ supply and an end of Saudi Arabia’s voluntary cut of 1 million barrels per day (bpd) this month weighed on oil prices,” he said.
The group meets on Thursday and could discuss allowing as much as 1.5 million barrels per day (bpd) of crude back into the market.
OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to reductions agreed to under the previous OPEC+ pact, a Reuters survey found, ending a run of seven consecutive monthly increases.
Russian oil and gas condensate output fell to 10.1 million bpd in February from 10.16 million bpd in the previous month, despite plans to boost it, according to Reuters calculations based on an Interfax report citing official data.
OPEC+ is monitoring global inventories and the rate of drawdowns will be a factor discussed on Thursday.
“Oil prices may stay under pressure as investors are making position adjustments ahead of the OPEC meeting,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
Market sentiment was also dampened by weak manufacturing data out of China, Kikukawa said.
China’s factory activity growth slipped to a nine-month low in February, which may curtail Chinese crude demand and pressure oil prices.


Abu Dhabi’s G42 forms big data JV with Israeli defense company Rafael

Updated 56 min 49 sec ago

Abu Dhabi’s G42 forms big data JV with Israeli defense company Rafael

  • The joint venture will have a research and development site in Israel and will develop products for sectors including banking, health care and public safety

DUBAI: Abu Dhabi-based technology company Group 42 (G42) has formed a joint venture with Israel’s state-owned Rafael Advanced Defense Systems to commercialize artificial intelligence and big data technologies, the companies said on Monday.
The joint venture, called Presight.AI, will have a research and development site in Israel and will develop products for sectors including banking, health care and public safety, to be sold in Israel, the United Arab Emirates and internationally.
Israel and the UAE agreed to normalize relations in August, triggering a number of announcements from businesses stating their intention to cooperate across the two countries.
UAE Ambassador to Israel Mohamad Al-KHajja said the joint venture strengthened the relationship between Israel and the UAE and opportunities for bilateral economic growth.
G42 is an Abu Dhabi-based artificial intelligence and cloud computing company set up in 2018 which works with government and private clients. In September it became the first UAE company to open an international office in Israel.
UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan is its chairman and a shareholder. Abu Dhabi’s sovereign fund Mubadala in November invested in G42 and last week US private-equity firm Silver Lake invested to help the company expand.
G42 rose to prominence last year as it led Phase III clinical trials of a vaccine developed by Sinopharm’s China National Biotec Group (CNBG) in the UAE and regional countries, as well as offering medical diagnostic services.
The joint venture agreement is subject to regulatory approvals by Israeli and UAE authorities.


Pakistan will talk to India if Kashmir autonomy reverses, foreign minister says in UAE

Updated 59 min 15 sec ago

Pakistan will talk to India if Kashmir autonomy reverses, foreign minister says in UAE

  • Says Islamabad never evaded talks but India would have to revert disputed Kashmir region’s special autonomy
  • Tells reporters about his three-day visit: “My agenda is UAE-Pakistan and not India-Pakistan”

ISLAMABAD: Foreign Minister Shah Mahmood Qureshi said on Monday Pakistan had never evaded peace talks and wanted to live in peace with all its neighbors, including India, but New Delhi would have to reverse an August 5, 2019 move to strip the disputed Kashmir region of its special autonomy.
Kashmir has been divided but claimed in its entirety by both India and Pakistan since almost immediately after the two countries’ creation in 1947. They have fought three wars against each other, two directly dealing with the disputed region.
India in 2019 stripped Kashmir of its semi-autonomy and took direct control over it, sparking unrest. Pakistan has since maintained it is open to talks if New Delhi reverses the August 2019 decision.
The FM’s remarks, reported by Pakistani media, came as he spoke at a news conference in the United Arab Emirates where Qureshi is on three-day official visit.
“Both India and Pakistan will have to think about their bilateral ties,” the foreign minister said. “Pakistan is ready to talk with India if it takes back its steps of August 5. Pakistan cannot ignore the Kashmir issue.”
Qureshi added that Pakistan desired peace in the region because peace would create more economic opportunities.
On Sunday Qureshi ruled out any ‘secret meetings’ between Pakistan and India during his UAE visit.
The announcement that Qureshi’s Indian counterpart S. Jaishankar would also be in the UAE at the same time as the Pakistani foreign minister triggered speculation about a possible meeting. Both leaders’ arrival in the UAE comes just days after the Emirati envoy to Washington confirmed the Gulf state had been mediating between the nuclear-armed rivals to help them reach a “healthy and functional” relationship. 
“There have been a number of speculations about secret meetings between me and the external affairs minister of India, S. Jaishankar but neither was our meeting planned and nor are we meeting,” Qureshi told reporters.
“I am here for a bilateral visit and not an India-specific agenda. My agenda is UAE-Pakistan and not India-Pakistan.”
“I don’t think a meeting is set out with the Indian foreign minister,” Qureshi added.


Tottenham fires manager Jose Mourinho

Updated 19 April 2021

Tottenham fires manager Jose Mourinho

  • Mourinho took over in November 2019
  • His firing comes with seventh-place Tottenham outside the Champions League places but with a League Cup final against Manchester City on Sunday

LONDON: Tottenham has fired manager Jose Mourinho, a person with knowledge of the situation told The Associated Press on Monday.
The person spoke on condition of anonymity because the decision has not yet been made public by Tottenham.
Mourinho took over in November 2019. His firing comes with seventh-place Tottenham outside the Champions League places but with a League Cup final against Manchester City on Sunday.


Palestinians injured during clashes in Jerusalem

Updated 19 April 2021

Palestinians injured during clashes in Jerusalem

  • Police said they made three arrests after the Jerusalem clashes
  • The Palestinian Red Crescent said four people in the crowd were wounded
JERUSALEM: Four Palestinians were injured in clashes with Israeli police in annexed east Jerusalem, the Palestinian Red Crescent said Monday, after officers cordoned off a popular gathering spot for Ramadan crowds.
Separately in the historically Arab Jaffa district of Tel Aviv, residents assaulted a rabbi seeking to acquire land for housing for Jewish seminary students in a predominantly Arab neighborhood, prompting clashes with police.
Police said they made three arrests after the Jerusalem clashes, during which they used tear gas and water cannon to disperse a large crowd gathered outside one of the gates to the walled Old City, video posted on Twitter showed.
Police said the crowd attacked officers with stones and firecrackers but caused no casualties.
The Palestinian Red Crescent said four people in the crowd were wounded.
During the Muslim holy month of Ramadan, when the faithful fast from dawn to dusk, the promenade around the walls of the Old City is a popular place for Palestinians to gather after dark.
Two far-right lawmakers — Bezalel Smotrich and Itamar Ben-Gvir of the Religious Zionism alliance — visited police deployed outside the Old City on Sunday night.
“We need zero tolerance, an iron fist and to bring all the perpetrators to justice,” Smotrich tweeted.
In Jaffa, the unrest began when residents assaulted the head of a Jewish seminary, Rabbi Eliyahu Mali, police said, adding that they had arrested two suspects in their thirties.
After the assault, groups of Jaffa residents faced off with seminary students in the streets. Police in riot gear and on horseback rode through the neighborhood, where residents set off firecrackers and clouds of smoke hung in the air.
Police said officers were attacked with stones and firecrackers and two were injured. Three people were arrested.
The seminary’s director, Moshe Sendovich, told Israeli public radio that he and Mali had been touring a possible site for student housing when the alleged assault took place.
He said he and Mali were hit, slapped and kicked, and the rabbi’s glasses were thrown.
Sendovich said that the seminary, in the predominantly Arab Ajamni neighborhood of Jaffa, was part of an effort to boost the local Jewish community.
“The Jewish communities in Jaffa got weaker, and got thinner and we came to strengthen them,” he said.
Lawmaker Sami Abu Shehadeh, an Arab resident of Jaffa, said the seminary’s promoters were seeking to change the character of the neighborhood.
“These are people who have an ideology that is dangerous to a mixed city,” he said.

Hospitals filling up, oxygen supplies ‘under stress’ as coronavirus third wave sweeps Pakistan

Updated 19 April 2021

Hospitals filling up, oxygen supplies ‘under stress’ as coronavirus third wave sweeps Pakistan

  • Over 4,500 patients are now in critical care, 30% higher than June last year
  • Planning minister says citizens making a “huge mistake” by not following coronavirus health guidelines

ISLAMABAD: Pakistan’s planning minister Asad Umar, who also heads a federal body overseeing the country’s pandemic response, said Pakistani hospitals were filing up fast as coronavirus cases rose and oxygen supplies were “under stress.”
Pakistan on Monday recorded 5,152 new infections and 73 coronavirus-related deaths, government data showed, as a third wave of the coronavirus sweeps the country. The South Asian nation of 220 million has recorded 761,437 infections and 16,316 deaths since the beginning of the outbreak in February last year.
According to official data, 4,515 coronavirus patients are currently in critical condition.
“Hospital fill up continuing to grow. Critical care patients now above 4500, which is 30% higher than peak in June last year. Oxygen supply capacity in the country is now under stress,” Umar said on Twitter, adding that compliance of coronavirus standard operating procedures (SOPs) remained low. “We are making a huge mistake by not following sops.”


On Sunday, Hong Kong announced it would suspend flights from India, Pakistan and the Philippines from April 20 for two weeks after the N501Y mutant COVID-19 strain was detected in the Asian financial hub for the first time. The three countries would be classified as “extremely high risk” after there had been multiple imported cases carrying the strain into Hong Kong in the past 14 days, the government said.
The British government has also banned international arrivals from Pakistan amid concerns over new virus variants.